How to Make an Offer on a NYC Apartment

In NYC you make an offer by emailing the listing agent (or having your own agent email them) with your price, down payment, financing and timing, plus a pre-approval or proof of funds. In normal NYC practice, even an accepted offer isn't treated as binding until both sides sign a formal written contract, usually a week or more later after your attorney reviews the building.

That gap between "accepted" and "in contract" is the single most confusing part of buying in New York. Here's how the process works, what to put in your offer, and how bidding rounds play out.

Before you offer

Have these ready so you can move the day you find the place:

• A pre-approval letter for a loan amount that fits the price. The CFPB notes that lenders use "prequalification" and "preapproval" differently and neither is a guaranteed loan offer, but a preapproval based on verified documents carries more weight with sellers. See mortgage pre-approval.
• Proof of funds for the down payment and closing costs (a recent statement, with account numbers hidden).
• A real estate attorney lined up. The seller will ask for your attorney's contact in the offer. Read what a real estate attorney does.
• Your ceiling price, worked out with the home affordability calculator and NYC closing costs.
• A building check. Look up violations, complaints and recent sales on Roofy's building lookup and NYC sales.

Know who the agent represents. Under New York's agency disclosure law (RPL §443), a seller's agent must give you a disclosure form at your first substantive contact. The listing agent works for the seller. If one brokerage represents both sides, both buyer and seller must give informed consent in writing. For how buyer-agent pay works now, see buyer broker agreements after the NAR settlement.

What to put in your offer

Offers are usually short, written emails. Clarity matters more than length. A complete offer covers:

For co-ops, sellers know the board must approve you, so they may ask for a basic financial statement up front. Check co-op financial requirements and run the co-op board approval calculator before you bid.

From accepted offer to signed contract

1. 1

   The seller accepts, often by email

   This is a handshake. New York’s statute of frauds says a contract to sell real property is void unless the contract, or a note or memorandum of it, is in writing and signed by the party being held to it. Offer emails usually say they are subject to a signed contract, and in practice either side can still walk away and the seller can still take another offer. Don’t write anything that reads like a final agreement without asking your attorney.
2. 2

   The agent sends a deal sheet

   The listing agent circulates a summary of the agreed terms (price, down payment, financing, contingencies, both attorneys, the building’s managing agent) to everyone involved. It isn’t a contract; it tells the attorneys what to draft.
3. 3

   Your attorney does due diligence

   The seller's attorney sends a draft contract. Your attorney reviews it and the building: for condos and co-ops, the offering plan, financials, board minutes and any pending assessments; for houses, the title, certificate of occupancy and open permits. See co-op due diligence.
4. 4

   You negotiate the contract terms

   Riders cover items like the mortgage contingency, closing date and repairs. Schedule any inspection in this window, before you sign, unless your contract will include an inspection contingency. See home inspections in NYC.
5. 5

   You sign and pay the deposit

   Usually you sign first and send the deposit, often 10% of the price, to the seller's attorney's escrow account. The seller countersigns, and only then are you "in contract." Read the 10% contract deposit.

Best and final rounds

When several buyers want the same apartment, the listing agent may ask everyone for their "best and final" offer by a set deadline. It's a sealed-bid round: you get one chance, and you usually won't learn the other bids. A few practical points:

• Price is one factor. A seller may take a slightly lower offer with more cash down, no mortgage contingency, or a stronger co-op board package.
• Only promise what you can deliver. Dropping your mortgage contingency to win can put your deposit at risk if the loan falls through.
• Ask what matters to the seller. A quick or flexible closing date can matter as much as money.
• "Final" isn't legally final. Until a contract is signed, the seller can come back for more, and you can still withdraw.

When a deal falls apart before contract

Because nothing binds until signing, deals can collapse late: another buyer offers more, the seller changes their mind, or your attorney finds a problem in the building's financials. You haven't paid a deposit, but you may have spent money on attorney review or an inspection. Reduce the risk by moving quickly, staying responsive to your attorney, and asking the listing agent to confirm in writing whether the seller is still showing the apartment.

If you're both buying and selling, plan the order of your contracts carefully; see buying and selling at the same time.

Next steps

Once you're in contract, follow the contract-to-closing timeline, prepare your co-op board package if needed, and use the closing day checklist at the end.